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AlphaValue/Baader Europe on Monday upgraded tobacco company Imperial Brands (IMB.L) to buy from add and raised its price target to 37 pounds sterling from 36.66 pounds.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
UBS on Wednesday downgraded British tobacco company Imperial Brands (IMB.L) to neutral from buy and decreased its price target to 31.50 pounds sterling from 35 pounds.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
London's FTSE 100 ended 0.25% higher on Tuesday amid mixed corporate updates and news that the US and Iran could resume talks despite a blockade on Iranian ports.Negotiators from Washington and Tehran could return to Islamabad this week for another round of peace talks, Reuters reported, citing unnamed sources who were privy to a proposal that had been shared with both sides to resend their delegations. A senior Iranian source added that no firm date has been set.On the economic side, retail sales in the UK grew 3.1% year over year on a like-for-like basis in March, against the 0.7% rise in the previous month, according to data from the British Retail Consortium. Analysts were expecting a 0.9% increase for the month. The strongest jump since April 2025 was mainly attributed to higher food sales amid an early Easter, while sales of travel-related goods were impacted by the conflict in the Middle East."Retailers hope that the Middle East ceasefire will bring lasting stability, but the outlook remains uncertain. Damage to supply chains has already been done, and rising costs - from shipping and fertiliser to insurance and commodities - are piling yet more pressure onto already stretched retailers. Government must act decisively and boldly now to curb inflation by delaying domestic policies that would push prices even higher for shoppers," said BRC Chief Executive Helen Dickinson.On the corporate front, Intertek Group (ITRK.L) surged 12.83% to the top of the blue-chip index after launching a strategic review to evaluate the potential separation of its energy infrastructure and testing businesses. The assurance, testing, and certification company also maintained its outlook for like-for-like revenue to increase at constant currency."In terms of management, this appears to mark ITRK's CEO's swansong move," RBC Capital Markets said. "With merger talks with BVI having been abandoned in mid-2024, this could yet mark a value creative exit for ITRK's shareholders and a sale has always been the key risk to being excessively bearish. However, buyers are likely to tread carefully given the complex geopolitical backdrop, impending disruption to energy/[Middle East]-related [testing, inspection, and certification] activities and any buyers are unlikely to rush any processes."On the contrary, Imperial Brands (IMB.L), down 4.84%, was the FTSE 100's worst performer after flagging "modest" market share losses across its top five markets while keeping its fiscal 2026 outlook for revenue, operating profit, and EPS."Imperial expects low single digit constant currency revenue growth for tobacco and NGP (Next Generation Products) in 1H, in line with Visible Alpha consensus of 1.5%, and 2H weighted operating profit growth as previously flagged. Full-year guidance of 'at least high-single digit earnings per share growth and at least GBP2.2 billion of free cash flow' has been reiterated. That said, market share looks to have declined in 1H," RBC said in another note.
Imperial Brands (IMB.L) reaffirmed its fiscal 2026 guidance but warned that the uncertainty caused by the ongoing conflict in the Middle East could have an impact on its business in the second half, sending its shares down 7% in Tuesday midday trade.In a same-day trading update, the UK-based tobacco group said it still expects to deliver low-single-digit net revenue growth in tobacco and double-digit growth in next generation products, or NGP, for the full fiscal year. Also reaffirmed were the group adjusted operating profit growth forecast of between 3% and 5% and the projected EPS growth of at least a high-single-digit percentage, all on a constant currency basis."The conflict in the Middle East has resulted in a more uncertain geopolitical and macro environment. Whilst there has been no material business impact to date, the potential future impact during the second half remains uncertain," the company said. "We continue to monitor the situation and will give a further update with our H1 results announcement on 12 May."For the six months ended March 31, Imperial Brands anticipates low-single-digit growth in tobacco and NGP net revenue, supported by robust tobacco pricing and continued momentum in heated tobacco, vape and modern oral products.Group adjusted operating profit for the fiscal first half is projected to come in "slightly" higher year over year, at constant currency, with growth anticipated to accelerate in the latter half, in line with previous guidance.Meanwhile, headwinds related to foreign exchange translation is currently forecast to be between 2% and 2.5% on EPS for the fiscal first half and 0.1% on full-year EPS.Analysts at RBC Capital Markets adopted a negative sentiment on Imperial Brands, noting that the company expects a "modest" decline in market share across its five priority markets during the fiscal first half."This contrasts with flat market share in FY2025 and +48bps over the last five years. We regard this latter point as having been fundamental to Imperial's rehabilitation, and therefore are [nervous] about the loss of share in the latest six months. The statement gives no indication of the likely market share trend in 2H," the research firm said.